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Flourish Ventures Fuels MEA’s MoneyHash with $5.2M Pre-A Investment to Accelerate Growth
MoneyHash, a prominent payment orchestration platform in the Middle East and Africa, has raised $5.2 million in a pre-A funding round to enhance its technology and expand its market presence. The round was led by Flourish Ventures, with participation from Vision Ventures, Arab Bank Venture Capital, and Emurgo Kepple Ventures, among others. This funding will be used for technological advancements and regional expansion, addressing challenges in emerging markets. CEO Nader Abdelrazik emphasized the platform’s role in converting payment inefficiencies into strategic advantages for merchants. MoneyHash has now raised a total of $7.5 million in two funding rounds.
Quandri Appoints Patrick Mulroy as Head of Strategy and Partnerships to Drive US Expansion
AI-powered InsurTech firm Quandri has appointed Patrick Mulroy as head of strategy and partnerships to support its expansion into North America and its first Boston office. With extensive experience from Gallagher, HUB International, and Tarmika, Mulroy will focus on driving growth through strategic partnerships and innovative market initiatives. CEO Jackson Fregeau praised Mulroy’s ability to navigate complexity and foster meaningful collaborations. Mulroy emphasized Quandri’s mission to address systemic issues in the insurance industry, highlighting the significant opportunities ahead. This leadership transition marks a crucial step for Quandri as it aims to enhance its impact in the InsurTech sector.
Tinubu Secures $45M to Enhance AI-Powered Specialty Insurance SaaS Platform
Tinubu, a key player in enterprise software for the specialty insurance sector, has raised $45 million in growth capital, led by Morgan Stanley Expansion Capital with support from Long Arc Capital. The funding will enhance product development and expand into new insurance lines. Tinubu’s cloud-based solutions include policy administration, underwriting, distribution, and claims management, currently serving nearly 50 carriers and over 150 agencies worldwide. Additionally, Tinubu has acquired Innoveo, a no-code software provider, to boost its operational capabilities. CEO Morgan Franc anticipates this investment will drive digital transformation in specialty insurance.
Essential Insights: AMF Updates on ESG Naming Rules for Investment Funds
Recent amendments to the AMF Position-Recommendation DOC-2020-03, known as the AMF Doctrine, significantly enhance the regulation of ESG investment funds in France, aligning with ESMA guidelines. These updates aim to combat greenwashing by imposing stricter sustainability standards, including quantitative thresholds for ESG-related investments. Key changes allow funds to reduce their investment universe by 20% through exclusions and require foreign funds to include disclaimers if they don’t meet AMF criteria. Effective January 1, 2025, these revisions promote transparency and accountability, fostering a trustworthy environment for ESG investments and benefiting both investors and the market.
Nuvei Partners with European Payments Initiative and Integrates Wero Digital Wallet for Enhanced E-Commerce Solutions
Nuvei, a Canadian FinTech leader, has joined the European Payments Initiative (EPI) to support Wero, an innovative digital wallet that enables seamless instant account-to-account payments for eCommerce merchants. This collaboration aligns with Nuvei’s aim to provide early access to advanced payment technologies. Wero, utilizing SEPA Instant Credit Transfer protocols, allows transactions in under 10 seconds and offers multiple payment options. Launched in late 2024 in Germany, France, and Belgium, Wero plans to expand into the Netherlands and Luxembourg, introducing Buy Now Pay Later services. Nuvei’s integration of Wero is expected to begin pilot programs in May 2025, enhancing payment flexibility for merchants.
Corlytics Pioneers ISO 42001 Certification in AI Governance as the First RegTech Leader
Corlytics has achieved a landmark by becoming the first dedicated RegTech company to secure the ISO/IEC 42001:2023 certification, marking a significant advancement in AI governance within fintech. This certification, awarded after an independent audit by A-LIGN, recognizes effective AI management systems and demonstrates Corlytics’ commitment to ethical, secure, and transparent AI deployment. Supported by Verdane, the company integrates AI governance across product development, acquisitions, and internal processes, serving approximately 40% of the world’s largest banks and managing 30 million pages of regulations annually. CEO John Byrne emphasized their long-standing strategy of “AI-by-design” for client benefit.